GE, Plutonic Power move closer to acquire Dokie Ridge wind project

GE Energy Financial Services, a unit of GE, and Plutonic Power have moved a step closer to purchasing the 144MW Dokie Ridge wind project, a wind farm under construction in British Columbia, from EarthFirst Canada.

GE and Plutonic have completed their due diligence, waived initial due diligence conditions and have committed to purchase the Dokie project subject to satisfaction or waiver of closing conditions.

GE and Plutonic have formed a partnership through which they intend to own and operate the project, located 1,100km northeast of Vancouver.

The Dokie project consists of the fully permitted and partially built 144MW Dokie Phase 1 project and the rights to expand to 300MW. As partners, GE and Plutonic or their affiliates would jointly provide equity and seek project debt financing to complete construction and operate the project. The estimated construction cost of the project is C$225 million.

EarthFirst has reported that the Dokie project, once completed, would generate 340GWh annually; enough electricity to meet the annual needs of 34,000 homes and avoid more than 229,000 tonnes of CO2 emissions from a coal plant, the equivalent of taking 44,000 cars off the road.

GE Energy Financial Services and Plutonic plan to complete the acquisition of the Dokie project in early November 2009, with completion of construction estimated in early 2011.

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